In terms of the 2012-2017 SARS Compliance Programme high net worth individuals and trusts remain high on the list of specific areas of focus for SARS. The increased information gathering capacity that SARS has in terms of the Tax Administration Act and the poor administration of trusts has left taxpayers at risk as trust transactions thought to be tax efficient can be set aside by SARS and new tax liabilities determined, with all the commensurate penalties and interest.

In terms of the 2012-2017 SARS Compliance Programme high net worth individuals and trusts remain high on the list of specific areas of focus for SARS. The increased information gathering capacity that SARS has in terms of the Tax Administration Act and the poor administration of trusts has left taxpayers at risk as trust transactions thought to be tax efficient can be set aside by SARS and new tax liabilities determined, with all the commensurate penalties and interest.

Following on from the 2013 Budget speech Treasury indicated that it will at a future stage being reviewing the use of Trusts in all forms of tax planning.

Join us as we discuss the current legislation, the greatest areas of risk and what taxpayers can do to prepare for an investigation by SARS.

In this seminar we will inter alia address the following topics as they commonly arise in practice in respect of Trusts

Course Content:

Topics to be covered will include:

Trust Deeds

Requirements for a valid trust deed and the separation of control.

Vesting of rights

Trustees:

Importance of timeous and valid Trustee resolutions

Personal liability for tax debts of the Trust

Trust Income

Donors and deemed accruals.

Taxation of beneficiaries

Waiver of loans to a trust, donations tax and effect of the new debt waiver provisions.

Creation and use of beneficiary loan accounts

Apportionment of expenses incurred by the Trust and distributable Trust income

CGT

Taxation of Trust capital gains and losses (in terms of the attribution rules).

Di Seccombe is an admitted attourney with a Masters degree in taxation. Di started her tax career as a full time academic with the University of KwaZulu Natal before moving into practice. She is currently the National Head of Tax Training with Mazars and in this capacity trains and consults on Income Tax matters including, Corporate, Individual and International tax as well as VAT. Di, provides internal tax training for Mazars, and presents external tax seminars on a national basis, focusing on general as well as specialised tax topics. She still lectures part time for the National School of Accounting to assist up and coming CA's with passing the UNISA CTA (Hon) programme.

Important:Please note that as from 2014 printed copies of notes is optional and will cost additional R50 per set and must be ordered. Electronic notes will be emailed to all registered delegates 2 days prior to the event. Should you require a printed copy on the day of the seminar kindly select the printed seminar notes when registering for the event.

Option 2 - Live Webinar Broadcast

This CPD event will be broadcast live on Thursday 9 October 2014 from 09:00 - 13:30

WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.